The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-07-10
FINANCE AND MINING.
The Wool Market Takes a
Drop.
ORE AND BULLION OUTPUT.
Heavy Wool Figures-Dun's State
ment of Salt Lake Business
From the Mines.
RE AND BULLION OUTPUT.

continued rush to market of the wool
clip, and a heavy drop in prices of
from three to four cents pound. At
Mccormick & Co.'S, where wool men
"most do congregate." a reporter
OF The HERALD yesterday learned from
Mr.. McCorCick that the wool season
was at its height. and that there was a
very steady drain of money out of the
banks in consequence. 1.-THE wool clip
of the Territory last season." said MIR.
Mccormick, amounted to from $780,
600 to 100000 pounds and brought
into the Territory somewhere near
1 500 900 in money. This year it is ex-
pected the production will be still
heavier"
1.-The result is to tighten the money
market, then, at PRESENT.
Eyes. money is rather scarce. We are
shipping in at the rate of nearly $40 600
a day in currency. I don't know what
the other banks are doing"
How do prices of wool compare with
last year,"
q
little better, at the opening of this sea-
son, but they have fallen off this week
quite heavily, three or four cents a
pound, believe
what is the cause of the drop?"
well, there are so many buyers
here, and at the start they simply went
wild, and bid without regard to Boston
prices. In some instances. l know,
they were paying more than the wool
was quoted at in the east, and there
was the freight to be paid after they
bought. This year they started out the
same way, and my advice to the wool
growers has been sell, sell, if you have
to sell short. They were very lucky
who got in early, for buyers now have
begun to come to their senses, and
heavy drop is the consequence. The
market is quite dull in the east, sales at
present are not more than half what
they were at the same time last year.
One of the prominent wool firms esti-
mates that the receipts from wool sales
in Utah this year will amount to
$1,000 0OO."
r. G. Dun & Co. have issued their
semi.annual sheet of the business out
look. giving summaries and prospect
uses from all the principal cities of the
Union. From the report headed Salt
Lake, we extract the following:
Railroad discrimination is considered
res ponsible for the stagnation prevalent in
this region for a numb of years past; the
rich and varied resources awaiting develop
ment stimu ate fai h in ultimate prosperity
But the present volume of business is based
on the actual needs of a restric ed territory,
and an enlargement of the field cannot
reasonably be hoped for until the existing
oppressive discrimination against leading
inter mountain points Is removed. The
recent Organization of Boards of Trade al
various PAGES is expected 10 produce a
good result, merchants for the hrs5 time
displaying a disposition to combine yigor-
ously for prOtecti n, and the development
of their business facilities. Some dlscuur-
agement prevails in mining circles, as rail
road rates, with other combinations, have
tendency to compel the shipment of ores
rath-r than bullion, which may result in
diminishing the output, aud which is
certainly detrimental to local int ests. The
crops, in consequence of The dry season, are
expected to fall somewhat below the aver
age, and 1t is feared that in many localities
the important fruit product Will suffer
Generally quiet fall business Is looked for,
with anticipations OF an active revival IN
the spring Locaj manufactures appear
healthy and progressive, and real estate pre-
sents marked increase in values, based, to
some extent, upon liberal inyestment>eb y
outside syndicates. There are surface lndl-
cations of new railroad enterprises, and a
spirit of confidence and activity is ap-
parently being substituted for the lethargy
of the past.
The same sheet gives the total number
of failures in Utah for the second
quarter in 1887 as numbering seven,
with liabilities of $50 302; for the first
six months of 1887 twenty, with $S2, 1902
AiI it,a Col krNy- n
1886, three, liabilities Sill 507; for the
same term in 1885, thirteen, liabilities
1854, 4S5.
In New York, for the week ending
June 30th, S. 900 Utah Southern bonds
sold at 93k, and Sl2, 600 extensions at SO.
The gross earnings of the d. & B. G..
for the third week of June amounted to
S152 600. against $l28 900, for the same
period in the year previous,